# Who are Kuraray's customers? Who does Kuraray earn revenue from?
Canonical: https://valuechain.wiki/kuraray · Facet: customers · Updated: 2026-10-18T20:23:53.57+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Kuraray's confirmed revenue counterparties include Nitto Denko, American Water Works. Per the valuechain.wiki graph: 2 revenue edges, backed by 6 dated sources, 1 of them primary filings (as of 2026-10-18).

### 닛토덴코 (high)  → /nitto-denko.md
- metric: Market share 65% · 2025 · PVA and TAC film share of polarizer raw-material cost
- note: Supplies optical-use PVA film to polarizer manufacturers. Read together with Nitto Denko’s existing procurement evidence and Kuraray’s FY2025 disclosure, the core LCD polarizer input flows from Kuraray to Nitto Denko.
- [confirms] Kuraray (EN, filing, published 2026-04-10) https://www.kuraray.com/content/dam/kuraray/jp/en/sustainability/report/kuraray_en2026_30.pdf: "FY2025 sales volume of optical-use PVA film increased on appliance and television replacement demand."
- [confirms] Kuraray (EN, ir, published 2025-01-01) https://poval-film.kuraray.com/en/about/: "Kuraray has supplied PVA film as a raw material for LCD polarizers since 1961."
- [confirms] Samsung SDI (KO, news, published 2025-01-01) https://www.samsungsdi.co.kr/column/all/detail/23.html: "Polarizing film is made by dyeing PVA film with iodine, making PVA a core input."

### 아메리칸 워터 웍스 (high)  → /american-water-works.md
- note: Wholly owned Calgon Carbon exclusively supplies granular activated carbon, equipment and reactivation services for PFAS treatment at more than 50 American Water sites in 10 states under a nine-year agreement through 2033.
- [mentions] Kuraray (EN, filing, published 2026-04-10) https://www.kuraray.com/content/dam/kuraray/jp/en/sustainability/report/kuraray_en2026_30.pdf: "Activated-carbon sales volume increased, mainly for drinking-water applications."
- [confirms] Bluefield Research (EN, research, published 2025-01-16) https://www.bluefieldresearch.com/research/calgon-carbon-lands-expansive-deal-with-american-water/: "Independent water-market analysis also confirms the GAC, equipment and reactivation agreement through 2033."
- [confirms] American Water (EN, ir, published 2025-01-15) https://newsroom.amwater.com/2025-01-15-American-Water-and-Calgon-Carbon-Finalize-Supply-Agreement-to-Support-PFAS-Treatment-in-10-States: "Calgon Carbon signed a nine-year exclusive supply contract covering more than 50 sites in 10 states."
- [mentions] Calgon Carbon (KO, analysis, published 2022-01-01) https://www.calgoncarbon.com/app/uploads/Calgon_Carbon_PFCSpecSheet_Final2_KOKR_PFAS-kr.pdf: "Calgon Carbon’s Korean technical brief identifies FILTRASORB granular activated carbon as a PFAS-reduction technology."

Reverse side: https://valuechain.wiki/kuraray/suppliers.md · Ripple: https://valuechain.wiki/kuraray/ripple.md

---
Full node: https://valuechain.wiki/kuraray.md · JSON: https://valuechain.wiki/kuraray.json